Our pivot point is at 0.8764.
Our preference: the downside prevails as long as 0.8764 is resistance.
Alternative scenario: above 0.8764, look for 0.8786 and 0.8799.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.8766 and 0.8767).
Supports and resistances:
0.8799 **
0.8786 *
0.8764 **
0.8756
0.8746 last
0.8719
0.8706 **
0.8693 *
0.8680 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
TRADING CENTRAL is governed by the Code of Conduct of ANACOFI-CIF, an association approved by the Autorité des Marchés Financiers and registered with ORIAS under number 17005458.
Written on 04-05-2023 at 19:46 UTC+1
Price reference: 0.8746 last known on 04-05-2023 at 19:46 UTC+1
Investment horizon: INTRADAY